The latest reading of the closely followed S&P/Case-Shiller index shows home prices were up more than four percent in October, compared to a year earlier. That’s the biggest percentage gain in more than two years, and it marks the fifth straight month that the index has been up on a year-over-year basis.
This latest rise comes as the housing market has shown numerous other signs of recovery in recent months.
Low mortgage rates, a drop in foreclosures and lower unemployment are credited with helping prop up home prices.
But, it’s important to note, according to the index, prices are still down 29 percent from the peak reached in June 2006.